The Bank Slate


Restructuring costs, FDIC assessment weight down Fulton results

Fulton Financial in Lancaster, Pa., reported lower quarterly earnings that reflected restructuring costs and a special assessment from the Federal Deposit Insurance Corp.

The $27.7 billion-asset company said in a press release that its fourth-quarter earnings fell by 1% from a year earlier, to $274 million.

The quarter included $3.2 million of restructuring expenses, mostly tied to consulting fees, for its “FultonFirst” initiative.

Fulton also paid a $6.5 million special assessment from the FDIC designed to replenish the Deposit Insurance Fund in the aftermath of high-profile bank failures last spring.

The company also said it incurred $1.6 million in marketing expenses due to a “targeted customer deposit acquisition program and brand marketing campaigns in growth markets.” It also gained $700,000 from debt extinguishment.

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